Abiove Increases Brazil’s Soy and Soy Meal Export Estimates

In their latest assessment released last week, the Brazilian Association of Vegetable Oil Processors (Abiove) increased their estimate of Brazil’s soybean and soybean meal exports for 2023. The increases are the result of increased demand from China and reduced exports out of neighboring Argentina due to a severe drought.

Brazil’s 2023 soybean exports are estimated at a record 93.7 million tons, which is up 1.4 million from their March estimate. In 2022, Brazil exported 78.7 million tons of soybeans.

Brazil’s 2023 soybean meal exports are estimated at 21.0 million tons, which is up 0.3 million from their March estimate and up 700,000 tons from 2022 due mainly to reduced soybean meal exports from Argentina.

This year, the soybean production in Argentina, which is traditionally the largest exporter of soybean meal and soybean oil, was severely impacted by drought and high temperatures, whereas Brazil is expected to produce a record soybean crop of 153.6 million tons. During the 2021/22 growing season, Brazil produced 129.9 million tons of soybeans.

Abiove estimates that Brazil will crush 52.5 million tons of soybeans in 2023, which is up 1.6 million tons compared to 2022.

The value of Brazil’s soy complex exports (soybeans, soybean meal, and soybean oil) in 2023 is estimated at a record $67.37 billion compared to $66.4 billion in 2022.

Tags: exports, soybean oil, Brazil, estimate, soybean, drought, soybean meal, Argentina, demand, Abiove, China